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taxes. and, on top of health care, that's why we have not gotten really any better off in unemployment than when the president took office. i just think it's time for us to stop talking about making it harder to create jobs and instead, say we champion small business and we want you to grow and expand and give us a great economy by hiring people. gerri: senator, i li what you said about stability and predictability. i think that's what a lot of people are looking for out there. thanks for coming on the show. great to have you here. i hope you come back soon. >> thanks, gerri. i love being on. thank you. gerri: thank you. a federal tax credit for wind power producers expires in 2013. the obama administration is pushing for new taxpayer support for wind projects. with our budget deficit soaring an intense debate is heating up over whether the government should be throwing your tax dollars at industry the first place. i asked robert bryce, senior fellow at the manhattan institute about this iss
taxes. and, on top of health care, that's why we have not gotten really any better off in unemployment than when the president took office. i just think it's time for us to stop talking about making it harder to create jobs and instead, say we champion small business and we want you to grow and expand and give us a great economy by hiring people. gerri: senator, i li what you said about stability and predictability. i think that's what a lot of people are looking for out there. thanks for...
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does our tax code give us a fair tax system? the question is whether the crystal ball that this officer of the comptroller of the currency is using. in his holding cell in china. gerri: regulators didn't see the last crisis. the likelihood is not high. but what more regulators would look at? >> fairly narrow things like the liquidity risk, interest rate risk, different things happening in the financial markets. now, what they are trying to do is look more broadly. for example, what sort of risk management systems these banks have in place? are they planning for the next ceo? are they communicating to the employees what sort of risks they want to undertake? gerri: didn't we see that with jpmorgan chase? they made the big a big bet and lost a ton of dough? >> exactly. you can consider regulators are trying to take a more holistic approach -- pardon me for using outward. gerri: if they only knew how. they are so far away from what really goes on in these prints. it's hard for them to even understand businesses. how likely do you th
does our tax code give us a fair tax system? the question is whether the crystal ball that this officer of the comptroller of the currency is using. in his holding cell in china. gerri: regulators didn't see the last crisis. the likelihood is not high. but what more regulators would look at? >> fairly narrow things like the liquidity risk, interest rate risk, different things happening in the financial markets. now, what they are trying to do is look more broadly. for example, what sort...
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tax cuts for everyone making under 250. can republicans say no to tax cut in 2013? >> andrea: it will be tough. not tougher than the p.r. battle they are fighting now. i think he wants that scenario, eric. i think obama thinks going off the cliff is a win for him so he can pass the obama tax cut and say look, i'm bringing in revenue. i lowered the deficit. pass his tax cut. a win and he can blame the g.o.p. i would argue i don't think the g.o.p. had the ball on this fight. i don't think they gave it up. i don't think they had it. it's very tough for them to win against the white house like this. and a white house press corps that is not going to report anything negative against the president. >> eric: the ball is a debt ceiling. remember, all the negotiations, tell you, i'll get to greg, they have to go through the house. money negotiations go through the house. if the house says no on raising debt ceiling they can create havoc. go ahead. >> greg: i don't care anymore. >> kimberly: okay. you did last week? >> greg: as a human being in this discussion, i have already
tax cuts for everyone making under 250. can republicans say no to tax cut in 2013? >> andrea: it will be tough. not tougher than the p.r. battle they are fighting now. i think he wants that scenario, eric. i think obama thinks going off the cliff is a win for him so he can pass the obama tax cut and say look, i'm bringing in revenue. i lowered the deficit. pass his tax cut. a win and he can blame the g.o.p. i would argue i don't think the g.o.p. had the ball on this fight. i don't think...
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the home buyer tax credit temporarily boost sales. analysts attribute the jump to lower interest rates. fewer homes on love market, and growing consumer confidence. lawmakers seem to be incapable of coming to agreements even on a farm bill in congress which may mean higher milk prices in the coming year. the price of milk could rise from its current average cost of $3.65 a gallon to as much as $7 a gallon if congress fails to pass a new form bill. gas is cheaper. the governor -- former would have to follow legislation dating back to the truman presidency which would force washington to buy milk at inflated prices. it would be based on what a cost to produce milk in 1949 when it was basically done by hand. speaking of the fiscal cliff, starbucks is making a political push. the ceo wants d.c. area stores to read the words come together serve thursday and friday. he wrote president be bystanders, you and your customers have an opportunity and i believe we all have a responsibility to spend our -- send our elected officials a respectful b
the home buyer tax credit temporarily boost sales. analysts attribute the jump to lower interest rates. fewer homes on love market, and growing consumer confidence. lawmakers seem to be incapable of coming to agreements even on a farm bill in congress which may mean higher milk prices in the coming year. the price of milk could rise from its current average cost of $3.65 a gallon to as much as $7 a gallon if congress fails to pass a new form bill. gas is cheaper. the governor -- former would...
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kind of resolution to this this is all happening because of the bush era tax cuts they basically have expired and now this means automatic switch and taxes and spending increases because it's all going to. the g.d.p. in the u.s. to go down by around three percent if nothing is done ok well you'll follow that up the next absolutely in a couple of minutes when i'm back i'll give you more details on that ok. speak your language. programs and documentaries in arabic it's all here on. reporting from the world talks to feel interviews intriguing stories are you. trying. to find out more visit our big. lead . lives. thank. you watching business very welcome to the program live or fixing money laundering and more two thousand and twelve has seen the banking world rocked by scandals this year financial institutions have paid record fines totaling over twenty billion dollars but clay's u.b.s. and other banks admitted to manipulating the libel rates h.s.b.c. was fined for money laundering for the mexican drug cartel while misselling and poor consumer protection also drew attention from their fin
kind of resolution to this this is all happening because of the bush era tax cuts they basically have expired and now this means automatic switch and taxes and spending increases because it's all going to. the g.d.p. in the u.s. to go down by around three percent if nothing is done ok well you'll follow that up the next absolutely in a couple of minutes when i'm back i'll give you more details on that ok. speak your language. programs and documentaries in arabic it's all here on. reporting from...
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we are joined by tax attorney marty for your taxes. >> if you want to reduce your taxes now or in 2013. >> how do you decide that? >> you have to run the numbers. are you in the alternative minimum tax rate and you have to really run your numbers and look at 2012 or 2013. you may be a higher bracket in 2013 and may want to take the deductions in 2013 rather than 2012. >> if you want to review the 2012 taxes you say prepaid state income taxes. >> if you pay the state income taxes that may be due next april 159 you have a large capitol gains maybe you sold something you can do that. one of the things you have to keep in mind in doing all of this you have to figure out the alternative minimum tax. there are two systems of taxation. the alternative minimum is a separate one you have to compute. doesn't allow you to conduct military business. you have to run the numbers both ways. for 2012 unfortunately congress hasn't even finished writing the 2012 laws let alone the fiscal cliff. they are going to be over 30 million people in taxes unless they do something called the amt patch. it is some
we are joined by tax attorney marty for your taxes. >> if you want to reduce your taxes now or in 2013. >> how do you decide that? >> you have to run the numbers. are you in the alternative minimum tax rate and you have to really run your numbers and look at 2012 or 2013. you may be a higher bracket in 2013 and may want to take the deductions in 2013 rather than 2012. >> if you want to review the 2012 taxes you say prepaid state income taxes. >> if you pay the...
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Dec 26, 2012
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if they're not going to agree to a tax -- holding taxes down for those under a million dollars, they're definitely not dealing with $400,000 so, therefore, let's go back to the $250,000. i think that hurt them, boehner. i think that's why boehner is being controlled, unfortunately, by the right wing. i agree with bernie sanders. very sad. i believe that boehner's a good man and wants a deal done and impossible with these folks. >> the finger's not only pointed at the republicans and the tea party caucus but also to some democrats. here's one of your republican colleagues this morning. take a listen to what she said. >> sure. >> everything -- it's just about scoring political points and i know that the american people are tired of that. they're tired of all of us. i understand that. we just make -- used car sales men look good. that's the only group below us. we have to get our act together and prove to the american people that we can regain the trust that they once had in us and get the job done. >> yeah. the perception -- go ahead, please, congressman. looking at the can kicked down th
if they're not going to agree to a tax -- holding taxes down for those under a million dollars, they're definitely not dealing with $400,000 so, therefore, let's go back to the $250,000. i think that hurt them, boehner. i think that's why boehner is being controlled, unfortunately, by the right wing. i agree with bernie sanders. very sad. i believe that boehner's a good man and wants a deal done and impossible with these folks. >> the finger's not only pointed at the republicans and the...
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then however it becomes no longer extending the bush tax cuts, but the obama tax cuts. president obama is associated with cutting taxes. there is political liability for them as well. the reality is they have to get off of this no tax increase nonsense. i read in the "new york times" the other day, no republican member of congress voted for it since 1990. do you believe that? we had two or three wars since that time? a tragedy at 9/11 and we had hurricane sandy. we had hurricane katrina and despite all of these, they are unwilling to raise them to support and fund our government. what does it say about the dysfunctionality? >> we will have to leave it there. happy holidays to you. joining me now on the phone, congressman gregory meeks. congressman, i just saw you downstairs in the lobby about two or three hours ago and you were waiting on a phone call to determine when you might have to go back to d.c. to hammer out fiscal cliff matters. have you gotten the call yet? >> we are still waiting. >> no word as to when you guys are going back? no sense of urgency? >> i think
then however it becomes no longer extending the bush tax cuts, but the obama tax cuts. president obama is associated with cutting taxes. there is political liability for them as well. the reality is they have to get off of this no tax increase nonsense. i read in the "new york times" the other day, no republican member of congress voted for it since 1990. do you believe that? we had two or three wars since that time? a tragedy at 9/11 and we had hurricane sandy. we had hurricane...
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Dec 26, 2012
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president is asking congressional executives to compile a compromise plan that features continued tax cuts for the middle class. that represents a shift in his policy that called for higher taxes on the wealthy, along with measures to cut the fiscal deficit. talks between democrats and republicans came to a standstill last week. a deal still remains uncertain. the republicans canceled a vote on their compromise plan. that's because many republicans remain opposed to any kind of tax hikes. >>> china has opened what it calls the world's longest high-speed rail line. the railway links the capital city of beijing and ghangzhou in the south. shun ishibe have more. >> reporter: the first high-speed train for beijing is about to leave guangzhou south railway station. many passengers are carrying coats, because the temperature in beijing is about 20 degrees centigrade lower than here in guangzhou. the new line stretches nearly 2,300 kilometers, including a section already in service. the trip between the two cities will take about eight hours instead of the current 20 1/2 hours. china says it
president is asking congressional executives to compile a compromise plan that features continued tax cuts for the middle class. that represents a shift in his policy that called for higher taxes on the wealthy, along with measures to cut the fiscal deficit. talks between democrats and republicans came to a standstill last week. a deal still remains uncertain. the republicans canceled a vote on their compromise plan. that's because many republicans remain opposed to any kind of tax hikes....
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gains tax. it's a bad time to move into apple. things like intel. something that the market beat up all year, you know, in the name of it being old world p.c. i think it -- push it to a point where the valuations are reasonable. stuff -- some of the utilities like s.o., aep, hit hard for tax reasons. when the new year starts, i think people will start moving back into those. i think there's things to buy. >> jim, it sounds like you're saying risk on as we approach january 1. i want to talk about the vix. i know that you watch that closely. we're watching it sitting under 20 now. not near the highs we saw when we were dealing with the debt ceiling debate. what's different about the fiscal cliff and what we were seeing then that's keeping the vix so low now? >> well, i think what it is is that the market's come to the realization that the budget thing is going to be clumsy. but at the end of the day, the fed is still prepared to inject more liquidity if things start to look bad. we have this push/
gains tax. it's a bad time to move into apple. things like intel. something that the market beat up all year, you know, in the name of it being old world p.c. i think it -- push it to a point where the valuations are reasonable. stuff -- some of the utilities like s.o., aep, hit hard for tax reasons. when the new year starts, i think people will start moving back into those. i think there's things to buy. >> jim, it sounds like you're saying risk on as we approach january 1. i want to...
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i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do with the bush tax cuts. that's one thing. we have to decide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad demonstration passed before the last election and 90% of those hikes were delayed until after the president got himself reelected. then we have massive spending, $8 trillion in debt that obama's running up the next decade. republicans have several tools. right now we have very well leverage in the debate over the fiscal cliff because that stuff happens automatically but the idea of a debt ceiling increase, they've told obama if you want a trillion dollars in higher debt and he needs that eight times in the next decade, you have to cut spending a trillion dollars. >> here, i'll ask y
i'm going to call them obama tax cuts. will runs say no to voting for a tax cut? >> well, the interesting question is of course what this comes with. we're at the beginning of a conversation not at the end of a conversation. because we have to decide what to do with the bush tax cuts. that's one thing. we have to decide to do -- what to do with a trillion dollar of obamacare tax increases. very few people are talking about this but there's a trillion dollars of tax increases obamand ad...
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>> if all tax rates go up, any deal can be called a tax cut. it's simple like that. if you go over the cliff, anything's a tax cut. >> if you do it now how's it interpreted? >> the interpretation will some primary voters is you danced around on rates. >> or they pass a bill cutting taxes continuing the bush tax cuts for under $500,000 a year. something they agree on. >> because of what bob's saying is they're worried some voters are going to look at that -- >> unaware of reality that they would confuse this week with next week in terms of the same results. >> governor norquist agrees with you. but some republicans e spshlly in the house who are unwilling to make the plan "b" type deal. >> but in the end where do you think it's going to end up? 500,000? 600,000 $? >> it's going to be in the middle. closer to obama's $400,000. >> i think that's about right. sounds about like $400,000. >> which leaves out less than 2% of the people. >> absolutely. >> people say that's an average income. most people make about $40,000 a year. that's average. $40,000 and that's with three
>> if all tax rates go up, any deal can be called a tax cut. it's simple like that. if you go over the cliff, anything's a tax cut. >> if you do it now how's it interpreted? >> the interpretation will some primary voters is you danced around on rates. >> or they pass a bill cutting taxes continuing the bush tax cuts for under $500,000 a year. something they agree on. >> because of what bob's saying is they're worried some voters are going to look at that --...
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this is the average tax hit the families take on top of what they pay on taxes. those make between $40,000 and $50,000 pay extra $1700. >> if you manage to make over $200,000, it will be a big jump up. you will need to send a check to uncle sam for $14,000 initial dollars. $500,000 to $1 million pays $34,000 more. they want $215,000 on top of what you pay in taxes. >> the wealth manager says the money you have left won't go as far as businesses also deal with their own tax hikes. >> you are going to see less money in your paycheck. >> the government has to bite the bullet with $1.2 trillion in spending cuts. more than half of that is to the defense budget. >> they say families may need austerity calculation before making big purchases. look at the money you have and the money you need in the future to decide if you need the next big picture. doug? >> doug: thank you, molly. residents of the webster new york neighborhood set ablaze christmas eve have been allowed to return back to their homes. they say exconflict william spangler set the fire as a trap to lure fir
this is the average tax hit the families take on top of what they pay on taxes. those make between $40,000 and $50,000 pay extra $1700. >> if you manage to make over $200,000, it will be a big jump up. you will need to send a check to uncle sam for $14,000 initial dollars. $500,000 to $1 million pays $34,000 more. they want $215,000 on top of what you pay in taxes. >> the wealth manager says the money you have left won't go as far as businesses also deal with their own tax hikes....
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tax rates will go up on 30 million households at least. that is something the politicians are going to respond to. >> house republican leaders called on the senate to pass to bills they said would avoid the fiscal cliff. republicans said the lines of communication are still open but the house will not act until the democratically controlled senate does. >> at the maryland due in baltimore, the african lions were not in their native habitat because it was snowing. the weather was so bad that these do closed -- the zoo closed for the day. the snow did not bother the residents of this lion park pret. >> they are tougher than the ones in maryland. we had a couple of inches of snow this morning. we have had snow to sleep to freezing rain to thunderstorms. you name it, we have had it. we have had an inch and a half the tv station. up to 3 inches in westminster. most of that is compressed because of the rain and sleet. up to 3 inches in some areas. the steadiest precipitation has come to an end. you can see some heavy rain on the eastern shore. a
tax rates will go up on 30 million households at least. that is something the politicians are going to respond to. >> house republican leaders called on the senate to pass to bills they said would avoid the fiscal cliff. republicans said the lines of communication are still open but the house will not act until the democratically controlled senate does. >> at the maryland due in baltimore, the african lions were not in their native habitat because it was snowing. the weather was so...
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and tax reform is very difficult. >> why can't we get sunsetting on spending, and no sunsetting on tax cuts. we shouldn't be, that's what we should be sunsetting are the spending bills. we should be talking about wind energy that needs to be sunsetted, soon. you bring up the side of the cliff that no one talks about. the sequester, the automatic spending reduction, i don't think it would be a bad thing if washington took the sequester and showed that they could cut spending. >> because we have a never budget balancing act going on with the journalist pointed out the secret gang of six meetings, that's budgeting by, secret gang of 12 meetings. and-- >> quickly that's what we use today call blue smoke and mirrors in washington and that's why people are upset at washington. don't trust them. david: good to see you. well, the numbers are in and you were not shopping as much as last year, apparently. holiday retail sales were basically unchanged from last year and sandy, of course, and the connecticut shooting got some blame, but what about no jobs and no money? coming up, the opening bell,
and tax reform is very difficult. >> why can't we get sunsetting on spending, and no sunsetting on tax cuts. we shouldn't be, that's what we should be sunsetting are the spending bills. we should be talking about wind energy that needs to be sunsetted, soon. you bring up the side of the cliff that no one talks about. the sequester, the automatic spending reduction, i don't think it would be a bad thing if washington took the sequester and showed that they could cut spending. >>...
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everybody's taxes would go up. you won't feel that immediately with most of these things, but with unemployment insurance and others, you will. there will be a grass roots feeling among americans. if you look at the polls, republicans will get blamed. they themselves are wary of this. that's why democrats would politically feel inclined to go over the cliff. there will be so much on republicans, this might be the only way they agree to raise taxes. >> not to mention in the next senate too. 55 democrats and four seats in the house. >> quickly for both of you, we covered this today. i'm surprised by the lack of urgency. does that surprise you as well? >> this is not the debt ceiling. say we are working through the weekends and training mcconnell and biden on the phone and the president involved. really to take christmas off facing the fiscal cliff in a week shows how little optimism there is. >> i completely agree. we spent many late nights in the capital and is it doesn't seem like that is going to happen. >> amazin
everybody's taxes would go up. you won't feel that immediately with most of these things, but with unemployment insurance and others, you will. there will be a grass roots feeling among americans. if you look at the polls, republicans will get blamed. they themselves are wary of this. that's why democrats would politically feel inclined to go over the cliff. there will be so much on republicans, this might be the only way they agree to raise taxes. >> not to mention in the next senate...
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. >> you don't care if you pay more taxes. >> i pay humongous amount of taxes which you do too. >> bill: you want to pay 40 or 45% which is where they would take you the income redistributers. >> if it would help i wouldn't mind it the thing is it won't help. the more money congress gets the more they will spend. >> bill: i have got to see it is doing some good. you have a foundation and i have a foundation. we give a lot of money privately to charities that we know like the wounded warriors. thanks for coming. good to see you again. >> thank you, bill. >> would you call yourself a conservative now? >> yeah. i become conservative on, you know, because of the position that we're in right now. >> bill: financial position? things like that? >> certainly financial. i have always said if you were going to wear the badge that we have earned of sheriff of this -- >> bill: of the world? >> yes, of the world. then you better act like wyatt earth. >> that puts new a minority in hollywood. >> i guess so. there is a lot of conservatives -- >> bill: there is a lot of fear among some actors that aren
. >> you don't care if you pay more taxes. >> i pay humongous amount of taxes which you do too. >> bill: you want to pay 40 or 45% which is where they would take you the income redistributers. >> if it would help i wouldn't mind it the thing is it won't help. the more money congress gets the more they will spend. >> bill: i have got to see it is doing some good. you have a foundation and i have a foundation. we give a lot of money privately to charities that we...
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our taxes. i am a republican and a bit less than $15,000 a year. i will pick up a beer can or a beer bottle when i am going down the street. most definitely. i have to collect them some days just to get by. as far as kicking the can of the road, i believe -- i do not believe in that. i think republicans have to face the fact that the conservatives always believe in a balanced budget. they always do. they have to scale down the monstrosity of a government they have. host: a reminder to all of our callers, please keep the sound of doubt on your tv set at home. -- keep the sound down on your tv set at home. here is a short piece from the interview on why the senator is leaving office. [video clip] >> many reasons. i have served here 20 years. less than 5 percent have serve that long. some of it is i am tired of living out of a suitcase. i miss 80% of my wife's birthdays and anniversaries. and i thought, it is time for somebody else to take this on. sometimes change is a good thing. after 26 years,
our taxes. i am a republican and a bit less than $15,000 a year. i will pick up a beer can or a beer bottle when i am going down the street. most definitely. i have to collect them some days just to get by. as far as kicking the can of the road, i believe -- i do not believe in that. i think republicans have to face the fact that the conservatives always believe in a balanced budget. they always do. they have to scale down the monstrosity of a government they have. host: a reminder to all of...
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. >> reporter: if congress doesn't extend expiring tax cuts in just days, middle income owners will owe uncle sam about $2,000 extra a year. retailers will cut back in automotive, apparel and entertainment. >> once people begin to pull back on that, the effect will be dramatic. >> reporter: the national retailers association said retailer its support 1 in 4 american jobs and if the downward turn intensifies. for those, the wait is excruciating. president obama visited troops in hawaii over christmas after a frustrating week on capitol hill. he and speaker john boehner about $100 billion. >> the president was $200 billion in revenues. speaker boehner $100 billion in spending cuts. >> reporter: tough decisions ahead. six days left. and lawmakers are now saying they will likely address tax reforms and spending cuts in the new year when the debt ceiling debate gets going. reporting live in washington. i'm danielle leigh. richard, back to you. >> danielle, thank you. >>> a note was left by the suspected shooter that killed two firefighters christmas eve in new york. here's nbc's ron mott wit
. >> reporter: if congress doesn't extend expiring tax cuts in just days, middle income owners will owe uncle sam about $2,000 extra a year. retailers will cut back in automotive, apparel and entertainment. >> once people begin to pull back on that, the effect will be dramatic. >> reporter: the national retailers association said retailer its support 1 in 4 american jobs and if the downward turn intensifies. for those, the wait is excruciating. president obama visited troops...
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let's go back to the tax. your paycheck is going down 2%. everyone's taxes go up. it will really have an effect is when people get their first paycheck in january and the christmas bills are due, the average working class family will have their paycheck drop not 2% but closer to 5%. democrats see it as leverage, but it hurts real people for the short-term. >> when you talk about it, absolutely. if we go over the cliff without changing anything, this will be the end of unemployment benefits for more than two million americans. people who cannot wait a couple of months to get the money back and don't have the safety net. this is a very serious situation for some americans. on this show we have a slope and not a cliff. for some it is an immediate pain cliff situation. >> we should differentiate between the things that are really a cliff. unemployment and income taxes and the other things like the spending cuts draw out over a year. the sequester and other things. you wouldn't have to worry about that. those things can be fixed. the democrats don't have a sense of urge
let's go back to the tax. your paycheck is going down 2%. everyone's taxes go up. it will really have an effect is when people get their first paycheck in january and the christmas bills are due, the average working class family will have their paycheck drop not 2% but closer to 5%. democrats see it as leverage, but it hurts real people for the short-term. >> when you talk about it, absolutely. if we go over the cliff without changing anything, this will be the end of unemployment...
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extend the tax cuts only for the 250 and below. you kick the sequester down the road, you patch the amt and medicare fix. all that. if the speaker is willing to put that to a vote, i suspect it would pass in the house and we actually could have a compromise before the end of the year. but it would pass with mostly democratic votes. and the likelihood he's going to want to do that seems to me very slim. that's why i think we're probably going over the cliff. now, my hope is that it's more of a bungee jump than a cliff dive. because on the other side there's some dynamics that change such that republicans can vote for a big tax decrease off of what will then be current law. >> jared, you've got a post -- i just want to go back for a moment. while this ping-pong game is going on in washington, you've got a post on your blog showing the real drag this is having on consumer confidence. so, i mean, what can the president do to protect the economy and try to restore some degree of confidence while these negotiations are going on? >> i thi
extend the tax cuts only for the 250 and below. you kick the sequester down the road, you patch the amt and medicare fix. all that. if the speaker is willing to put that to a vote, i suspect it would pass in the house and we actually could have a compromise before the end of the year. but it would pass with mostly democratic votes. and the likelihood he's going to want to do that seems to me very slim. that's why i think we're probably going over the cliff. now, my hope is that it's more of a...
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minimum tax. there is an entire set of taxes that there are two methods of tax. if you're doing that, you're in a lower tax rate and certain things are not deductible for the alternative minimum tax. you can't deduct state income taxes or real estate taxes. so you really need to run the numbers for both years, look at some of the rate changes that you are going to know about, such as 3.8% investment income, medicare tax and other things, then make those decisions. >> gretchen: unfortunately, we don't know exactly what tax rate anyone is going to have because we still are in the fiscal cliff thing. you do recommend prepay state income taxes? >> if you're not in the amt, prepay state income taxes, prepay real estate taxes because you can get deductions. if you're deciding you want to save tacks for 2012. >> gretchen: prepay your 2013 mortgage so it can be included in 20 is it -- 2012. >> you can't pay your february one, but you can pay your january one because it's interest in december and you can g
minimum tax. there is an entire set of taxes that there are two methods of tax. if you're doing that, you're in a lower tax rate and certain things are not deductible for the alternative minimum tax. you can't deduct state income taxes or real estate taxes. so you really need to run the numbers for both years, look at some of the rate changes that you are going to know about, such as 3.8% investment income, medicare tax and other things, then make those decisions. >> gretchen:...
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low tax rates bring more revenues, not less venues. lou: do you interpret all of the drama to be a lack of faith? in front of the growth model that has been demonstrated, as you point out, over the past two years. they are really saying the economy cannot grow fast enough to support the government. we will not see revenue increase unless we raise taxes. >> that is correct. the pre-verse thing is you don't get growth if you raise tax rates. in california and several other states that topate is approaching 50% effectively with a 50% top rate, a business have as much incentive to fire somebody to lower-cost as to hire somebody to increase revenues. lou: it is a high risk experiment, but nonetheless experiment bringing tax levels above 50%, the nation see califa behave as the canary in the coal mine, if you will, when it comes to economic growth and the ability to support an ever-growing government? >> of course. people are just fleeing california. california is what happens to countries that raise their tax rates. entrepreneurs flea and w
low tax rates bring more revenues, not less venues. lou: do you interpret all of the drama to be a lack of faith? in front of the growth model that has been demonstrated, as you point out, over the past two years. they are really saying the economy cannot grow fast enough to support the government. we will not see revenue increase unless we raise taxes. >> that is correct. the pre-verse thing is you don't get growth if you raise tax rates. in california and several other states that...
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the payroll tax holiday will expire on new year's day. that means most people will start paying more taxes in each paycheck. another 21 million americans would lose federal emergency unemployment benefits and those, let's remember, are people struggling the most right now. across the entire economy going over the cliff could slow the current growth rate of 3.1% and risk sparking another recession. joining us now to break it down from washington is cnbc's john harwood. thanks for being here. >> hey, ari. >> remind us where we were before plan b, how far apart were the last comprehensive offers between the president and negotiators? >> a few hundred billion dollars, which is a lot of money, sounds like a lot of money, but in the context of a ten-year budget deal when you have some very large programs that can be tweaked one way or another, is not that much. they were within shouting distance if the speaker could bring his caucus along to support the deal that he was promoting and getting close to striking with the president, but it's clear
the payroll tax holiday will expire on new year's day. that means most people will start paying more taxes in each paycheck. another 21 million americans would lose federal emergency unemployment benefits and those, let's remember, are people struggling the most right now. across the entire economy going over the cliff could slow the current growth rate of 3.1% and risk sparking another recession. joining us now to break it down from washington is cnbc's john harwood. thanks for being here....
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the tax rate. no matter what it is on the rich or not on the rich will not solve the big huge impending doom. >> that's right exactly right. you said it. the latest proposal from the president, of course, did not have the kind of long and short-term and mid term spending reform that we need. the federal government right now is it as we all know, spending more than a trillion dollars year upon year since the president took office, more than a trillion over budget year upon year. that has to stop. >> and you are putting faith in harry reid to come back with some proposal that will meet that in the next six days? where are you? >>ist a good question. senator reid without the past two years has not worked in -- in any very productive way with the house majority. and we do in the house represent the american people, at least as much as the senate majority does and we do need to work together and you are right. we have had roadblocks and obstructions and ignoring the bills we sent over time and time agai
the tax rate. no matter what it is on the rich or not on the rich will not solve the big huge impending doom. >> that's right exactly right. you said it. the latest proposal from the president, of course, did not have the kind of long and short-term and mid term spending reform that we need. the federal government right now is it as we all know, spending more than a trillion dollars year upon year since the president took office, more than a trillion over budget year upon year. that has...
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now the lapse of the tax cuts would mean that the top tax rate would revert back to 39.6 from the clinton administration from 35% now but taxes would also go up for lower income earners. the maximum low rate would revert back to 15% from 10% now. the for investors, capital gains rates would revert to 20% from 15% now. depending on the analysis, the average family would pay 2,000 to 4 thou more in taxes next year. back to you guys. tracy: peter we were talking about the protocol. you sent a great little ted it about. you have to explain it to the viewers. the house makes these rules, three day rule everyone gets opportunity to read but the house has the opportunity to throw them out of the window. >> that's right. the house can waive its rules so they can waive the three-day rule, but, also the three days isn't 72 hours now. it is like, it's three calendar days. if they post it one minute before midnight on one day, then have it for 24 hours for day two, they can post it for one men on day three, that apparently now counts as three-day rule. so 24 hours and two minutes. tracy: it's a joke.
now the lapse of the tax cuts would mean that the top tax rate would revert back to 39.6 from the clinton administration from 35% now but taxes would also go up for lower income earners. the maximum low rate would revert back to 15% from 10% now. the for investors, capital gains rates would revert to 20% from 15% now. depending on the analysis, the average family would pay 2,000 to 4 thou more in taxes next year. back to you guys. tracy: peter we were talking about the protocol. you sent a...
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, they will have a tax cut. i think people have been thinking all along that really if push comes to shove, we'll do it in the new year and that seems to be what's developing. >> it creates an interesting dynamic, you'd have a new congress sworn in on january 3rd and ordinarily everyone goes home, get your picture taken, that's it. you're essentially swearing in a new congress and moving to the floor. that's something we haven't seen in quite a while, i'd say in the modern era. >> one of the odd things on the first day is elect a speaker. the majority party puts up -- this time it would be john boehner. the minority puts up their chosen leader, this time nancy pelosi. it's usually pro forma, but this time it has a real weight to it, because one of the reasons we're in this situation right now is because we're waiting for john boehner to be reelected to speaker of the house before they make a move, because only if 16 or 17 republicans don't vote for the guy, he could lose. they just want to wait. >> that's, i thi
, they will have a tax cut. i think people have been thinking all along that really if push comes to shove, we'll do it in the new year and that seems to be what's developing. >> it creates an interesting dynamic, you'd have a new congress sworn in on january 3rd and ordinarily everyone goes home, get your picture taken, that's it. you're essentially swearing in a new congress and moving to the floor. that's something we haven't seen in quite a while, i'd say in the modern era. >>...
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they are all aimed at one thing -- to create a economy in which we have a vital middle-class and our tax policy reflects that as well. opportunity is broadly available. i think that is solidly in the mainstream of the democratic party. we can have a debate about means of achieving that, and i think we have to do some soul- searching about how in the 21st century we achieve those goals, and whether all the avenues and pathways that made sense 50 and 60 and 70 years ago are still valid today. many of them may be -- some may not. on the fundamental goals, he is solidly in the position of the democratic party, solidly progressive. i think that is a lot of what the election was about. >> in this election it has been observed that much of the advertising was predominantly negative. i would like to ask -- i know in this. including an obama at that scene to insinuate that a woman -- bain as responsible for a woman losing her insurance and somehow causing her death. ads like that seem to degrade the whole political process. i wanted your comments on negative advertising. >> i agree that there are
they are all aimed at one thing -- to create a economy in which we have a vital middle-class and our tax policy reflects that as well. opportunity is broadly available. i think that is solidly in the mainstream of the democratic party. we can have a debate about means of achieving that, and i think we have to do some soul- searching about how in the 21st century we achieve those goals, and whether all the avenues and pathways that made sense 50 and 60 and 70 years ago are still valid today....
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the rating agencies understand voting for a tax decrease is easier than tax increase. if this drags on to late january, the president is talking about using the inauguration as a forum to bash republicans, if this goes into february, they could come out irrespective of a deal going forward, aaa doesn't act like this. >> i think it's a problem if -- first of all, we don't get there. then there are down grades. that begins to sit in on corporate holdings. >> this is broader than insurance, major markets and holders. >> insurance is such a huge holder of corporate and municipal debt. the other thing, i think is interesting, i heard from the governor, i heard a statistic that rocked me back when i heard it, said in 2012, the first person to live to be 150 years old was born. think about the implications for that around annuities, social security, the medicare system. a lot of this is really not around poor management. i heard people saying it's been mismanaged. people are living so much longer than we ever expected. the retime ages set in 1800s. that is to a large degree w
the rating agencies understand voting for a tax decrease is easier than tax increase. if this drags on to late january, the president is talking about using the inauguration as a forum to bash republicans, if this goes into february, they could come out irrespective of a deal going forward, aaa doesn't act like this. >> i think it's a problem if -- first of all, we don't get there. then there are down grades. that begins to sit in on corporate holdings. >> this is broader than...
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keep those tax rates where they are. not raise taxes and boehner rejected that. he had opportunity -- excuse me, i'm still talking. he has opportunity now to do exactly what the republicans say they want and boehner rejects it. >> it is beyond revenue. it is about spending. that is our problem. >> you can stop going over cliff first of the year. >> what about spending that got us in bind we're in? none of the revenue that will be generated will make a dent in our spending especially the 6 trillion the president has --. patti ann: brad, democrats are arguing, you know obama won re-election and that means voters prefer his economic strategy and it is really the republicans obligation to bend here. what do you say to that? >> that is nonsense. the president has no mapped date. if anything, we have more division today than we did back on election day. the electorate may have wanted divided governing but they're not going to expect the kind of gridlock we've had the last four years. look they control the senate and white house. when the president controlled all branch
keep those tax rates where they are. not raise taxes and boehner rejected that. he had opportunity -- excuse me, i'm still talking. he has opportunity now to do exactly what the republicans say they want and boehner rejects it. >> it is beyond revenue. it is about spending. that is our problem. >> you can stop going over cliff first of the year. >> what about spending that got us in bind we're in? none of the revenue that will be generated will make a dent in our spending...
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adam: tax it. >> tax it. adam: sound like the scene in casablanca where the inspector says, i'm shock, shocked, to find out about gambling in this establishment. and ear here is your winning. >> it is hypocritical. adam: what do you think happens. >> at the end of the day supreme court will decide this. if the federal government wants to intervene my guess it goes to the supreme court and they have to decide under the constitution can you allow something in nevada and not allow it in new jersey if the people in new jersey voted for it? basically there was a referendum in new jersey and that was approved by two to one where the people said, yes we want sports betting. so. adam: they allow some things in nevada not appropriate for family hour that i don't think people in new jersey want but we won't go there. last word on this this won't happen anytime soon. how many years out are we talking? >> i think you're probably right although it is possible. monmouth park is talking about getting started and waiting to
adam: tax it. >> tax it. adam: sound like the scene in casablanca where the inspector says, i'm shock, shocked, to find out about gambling in this establishment. and ear here is your winning. >> it is hypocritical. adam: what do you think happens. >> at the end of the day supreme court will decide this. if the federal government wants to intervene my guess it goes to the supreme court and they have to decide under the constitution can you allow something in nevada and not...
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would then be voting for tax cuts as opposed to tax increases they would now have to reach a deal. put the president and the democrat particular party would win. >> he gets to cut the military and he gets to blame republicans for it. >> also if congress does not reach a deal by monday as many as 500 million taxpayers will not be able to file until march and i can explain why when i see you next. tile la campbell -- kyle la calm about a ktvu channel 2 morning news. >>> they are asking all workers from d.c. washington area stores to coliseum together and he said he wants to send a respectful but potent issue. we have more times with the same message. >>> the u.s. base was the target of a suicide attack in afghanistan. a car bomb went off at the gates of camp chapman. the blast skilled a delivery guard and 6 children. the taliban is claiming responsibility. >>> more than 10 people people voted to support it but more than two-thirds voted not to have it but some say it passed too quickly. it protects some rights but underminds others. >>> now that voters have approved higher taxes for
would then be voting for tax cuts as opposed to tax increases they would now have to reach a deal. put the president and the democrat particular party would win. >> he gets to cut the military and he gets to blame republicans for it. >> also if congress does not reach a deal by monday as many as 500 million taxpayers will not be able to file until march and i can explain why when i see you next. tile la campbell -- kyle la calm about a ktvu channel 2 morning news. >>> they...
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tax base. the numbers are sort of come complex. when the bush tax cuts went into effect fewer people had an income tax liability. this is what mitt romney was talking about last year with the 47%. if the tax rates increase you all of a sudden have more people paying income taxes and you just have a broader, higher rate to play with. next year when they come back they can get rid of some of the duck -ts and what not and lower the rates and overall have a lot more money in the system to play with, a lot more options. they think they are better shape for tax reform if they come back next year with the rates having gone up. >> reporter: and by not allowing the president to just add nah see um raise the debt level, they have leverage, don't they? >> they believe so. and the president -- it's safe to say the president realizes that, because he's been insistent throughout that he won't deal with another debt level gamesmanship as he calls it from the last time around. he understands that republicans s
tax base. the numbers are sort of come complex. when the bush tax cuts went into effect fewer people had an income tax liability. this is what mitt romney was talking about last year with the 47%. if the tax rates increase you all of a sudden have more people paying income taxes and you just have a broader, higher rate to play with. next year when they come back they can get rid of some of the duck -ts and what not and lower the rates and overall have a lot more money in the system to play...
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it was about tax cuts at the top were more valuable to growing the kind of country we need, the kind of economy that we need, investing in things like education and research and development, investing in clean energy and technology, investing in infrastructure and dealing with the deficits were more -- in a more balanced way. it was about what our obligations are to each other. it was about big things. those are very, very big things. i will say that, for all of the critique about whether our campaign was about big things or not, the preoccupations of people who write about that -- and i used to do that for a living -- i don't try to separate myself -- many of them are my best friends -- there is an awful lot of horse race coverage of this presidential race. there is such a preoccupation with who will win and who will lose and so little real interest in what the implications are. >> we were talking about pulling. >> public polling is so voluminous now. any to kids with an abacus can do a poll of the corner grocery store and some national news are in position will cover it as if it is
it was about tax cuts at the top were more valuable to growing the kind of country we need, the kind of economy that we need, investing in things like education and research and development, investing in clean energy and technology, investing in infrastructure and dealing with the deficits were more -- in a more balanced way. it was about what our obligations are to each other. it was about big things. those are very, very big things. i will say that, for all of the critique about whether our...
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washington, and a state of gridlock, calls it -- as they struggle to come to a compromise to avoid tax hikes and spending cuts. members of both the house and senate are also heading back to capitol hill tomorrow. after the holiday break the president hopes will provide perspective. >> everybody can cool off, everybody can drink some eggnog and have some christmas cookies. >> and return to washington after speaker john boehner failed to get enough support for muslim party for a plan b that the bill that would raise taxes for those making more than a million dollars a year. >> what the president has offered so far simply would not do anything to solve our spending problem and begin to address the nation's crippling debt. >> so are still a stalemate. with the january 1 deadline quickly approaching, some were very we might fall off. >> if we allow that to happen it would be the most colossal consequential act of congressional irresponsibility in a long time. >> the president is expected to arrive here in d.c. early tomorrow morning. the house and senate convened later that day. in washingt
washington, and a state of gridlock, calls it -- as they struggle to come to a compromise to avoid tax hikes and spending cuts. members of both the house and senate are also heading back to capitol hill tomorrow. after the holiday break the president hopes will provide perspective. >> everybody can cool off, everybody can drink some eggnog and have some christmas cookies. >> and return to washington after speaker john boehner failed to get enough support for muslim party for a plan...
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. >> teetering on the edge of the fiscal cliff with just 36 days to go until tax increases kick, in the white house and congress are playing a high stakes game of let's make a deal. >> only in america believes there has to be this what i believe to be really farce ical now surely -- the nature of the world is very fast moving, america has huge economic problems, heading for another fiscal cliff, everyone laughing at you from afenway park the american public sick and tired of all the games going on and there are you, grover norquist, a very bright guy still resolutely saying a pledge is a pledge is a pledge, it cannot be broken when many of your own party are now saying you know, what it doesn't make sense to have this irresolute position anymore. >> two things, the pledge is not for life. but everybody who signed the pledge, including peter king, who tried to weasel out of it -- shame on him as the "new york sun" says tonight. i hope his wife understands commitments last a little longer than two years or something. >> whoa, hang on, hang on. that was a bit below the belt, grover. >> hey
. >> teetering on the edge of the fiscal cliff with just 36 days to go until tax increases kick, in the white house and congress are playing a high stakes game of let's make a deal. >> only in america believes there has to be this what i believe to be really farce ical now surely -- the nature of the world is very fast moving, america has huge economic problems, heading for another fiscal cliff, everyone laughing at you from afenway park the american public sick and tired of all the...
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with an income of $174,000, they will pay $7,500 more in taxes. and the superrich, consider lebron james. he makes about $53 million a year. he would see his taxes go up $2.4 million next year alone. >>> we have chilling, new details of a christmas eve killing of two firefighters near rochester, new york. some of those details are in a letter written by the killer. 62-year-old william spengler used a bushmaster rifle similar to the one used in newtown, connecticut. police yesterday, who read from his disturbing typewritten letter. >> i still have to get ready to see how much of a neighborhood i can burn down and do what i like doing best, killing people. >> and police also upped the death toll from monday's violence to three, after finding the body of spengler's sister in his burned-out home. two of the fire fighters that responded to the blaze are still in the hospital. >>> in newtown, connecticut, thousands of people from all across the country came to pay respects on christmas day. volunteers have been watching over the candlelight vigil for th
with an income of $174,000, they will pay $7,500 more in taxes. and the superrich, consider lebron james. he makes about $53 million a year. he would see his taxes go up $2.4 million next year alone. >>> we have chilling, new details of a christmas eve killing of two firefighters near rochester, new york. some of those details are in a letter written by the killer. 62-year-old william spengler used a bushmaster rifle similar to the one used in newtown, connecticut. police yesterday,...
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this is the average tax hit families will take on top of what they already pay in taxes. so those who make below 10,000 will pay an average of about $300. going to the bottom level there, those who make between 40 and 50,000, they will have to pay an extra $1700 on average. looking at next set of numbers for wage earners. 50 to 75,000, they will have to find an extra $2300 to send to washington. if you managed to make over $200,000 on the income mark it will be a big jump up, send a check to uncle sam for on average, about 14 thou additional dollars. and the highest wage earners, here are those numbers. if you make between $500,000 to a million, you will pay on average $34,000 more. and if you make over a million, the irs will want $216,000 additional dollars from you on top of what you already pay in taxes. one financial advisor tells fox that the uncertainty of it all is making families less willing to spend money before or after christmas and it is making businesses less willing to hire new employees. kelly? kelly: that is the uncertainty we've been talking molly. my f
this is the average tax hit families will take on top of what they already pay in taxes. so those who make below 10,000 will pay an average of about $300. going to the bottom level there, those who make between 40 and 50,000, they will have to pay an extra $1700 on average. looking at next set of numbers for wage earners. 50 to 75,000, they will have to find an extra $2300 to send to washington. if you managed to make over $200,000 on the income mark it will be a big jump up, send a check to...
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. >> reporter: if congress doesn't change tax cuts in day, middle income earners will owe extra by the end of the year and they will cut back on auto industry, apparel and entertainment. >> once they cut back on that, that will be dramatic. >> reporter: retailers support 1 in 4 american jobs and if the downturn intensifies, those jobs are at risk. >> if retailers stop creating jobs, the economy as a whole stops creating jobs. >> reporter: the weight is excruciating for some and president obama left them $200 billion apart. >> the president was $200 billion higher on revenues and speaker boehner, $200 billion higher on spending cuts. >> if you get 80% of what you want, that's a pretty good day. >> reporter: tough decisions ahead, six days left. >> lawmakers will likely take on spending reform and tax cuts when the debate heats up. >> looks like they will be working over the new year. >>> a note was left by a suspected shooter that killed two firefighters christmas eve in new york. more details on the person already convicted of murder. >> reporter: police say the christmas eve ambush of
. >> reporter: if congress doesn't change tax cuts in day, middle income earners will owe extra by the end of the year and they will cut back on auto industry, apparel and entertainment. >> once they cut back on that, that will be dramatic. >> reporter: retailers support 1 in 4 american jobs and if the downturn intensifies, those jobs are at risk. >> if retailers stop creating jobs, the economy as a whole stops creating jobs. >> reporter: the weight is excruciating...
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we don't tax multinationals like anybody else. >> is that affecting our competitiveness? >> which countries around the world are you most worried about in your research as the real competitors? >> it's funny. we actually looked at where american companies were considering putting businesses and which companies -- countries we were competing with. you'd be surprised. we're competing with the whole world. there's lots of countries growing up. it's not just china, india, brazil. it's all of the above. back in the days when we were threatened by japan, it was just japan. now we've got a whole bunch of countries, including mexico, that are making radical improvements in their infrastructure, in their business environment, in their skill levels. they're working to drive down their regulatory costs. they're trying to make business simple. and in the meantime, we're just kind of loading costs encumbrances on our private sector. we've got to start addressing these fundamentals, or the living standards of the average american are going to continue to be under severe pressure for th
we don't tax multinationals like anybody else. >> is that affecting our competitiveness? >> which countries around the world are you most worried about in your research as the real competitors? >> it's funny. we actually looked at where american companies were considering putting businesses and which companies -- countries we were competing with. you'd be surprised. we're competing with the whole world. there's lots of countries growing up. it's not just china, india, brazil....
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, if they're going to vote to raise taxes or at least let tax rates expire on the upper end, they only want to do that once. that's not something they want to keep doing. certainly if speaker boehner puts something on the floor that his republican conference is not happy with, that's a risk that he's taking. >> has the president moved much on spending? because we talk all the time about the taxes but we seem to give a little less emphasis on the spending. is the president meaningful moving on that? >> depends on your definition of meaningfully. certainly there has been some movement from the white house over time on spending. i think there's been a movement toward talking about entitlements. when you talk about the cpi, consumer price index, that shift over there, that's a small concession to where republicans are but nobody's really talking about the big spending cuts that would have to be made to major entitlement programs to really alter the way that our budget course looks for the future, or to raise taxes in such a way as to pay for those programs as they are currently constituted
, if they're going to vote to raise taxes or at least let tax rates expire on the upper end, they only want to do that once. that's not something they want to keep doing. certainly if speaker boehner puts something on the floor that his republican conference is not happy with, that's a risk that he's taking. >> has the president moved much on spending? because we talk all the time about the taxes but we seem to give a little less emphasis on the spending. is the president meaningful...
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time is running out huge tax hikes and spending cuts threaten to push the economy into recession. no specifickings for how the senate and house plan to tackle the work tomorrow. >> new taxes to pay for the affordable healthcare act will take effect january 1 but the average american won' see a difference. the wealthiest 2% of americans and had healthcare industry will pay the tab mostly. >>> the standard & poor's kay schiller national index of house sales shows prices are up 4.3% in october up from 3% annual gain in september. >>> starbucks has its own plan to encourage lawmakers to reach a "fiscal cliff" compromise. the coffee giant surging employees in some of its 120 washington area shops to write the words, come together on cups of java. let's send it back to you. >> thank you. >>> looks like shoppers just weren't in the holiday spirit this year. >> holiday sales growth was the weakest since 2008. one report put the increase at 0.7%. that's far below analysts' predictions of 3 to 4%. experts blamed superstorm sandy and the looming "fiscal cliff" for disrupting shopping. back t
time is running out huge tax hikes and spending cuts threaten to push the economy into recession. no specifickings for how the senate and house plan to tackle the work tomorrow. >> new taxes to pay for the affordable healthcare act will take effect january 1 but the average american won' see a difference. the wealthiest 2% of americans and had healthcare industry will pay the tab mostly. >>> the standard & poor's kay schiller national index of house sales shows prices are up...
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taxes because these are tax deferred accounts. >> okay, so probably safe to say don't touch them but how can you avoid the knee-jerk reactions when you see you're losing so much money? >> we've seen it. in 2009, the sky is falling, chicken little and everything's going wrong and we can't seem to, we want to jump out of the market. those in 2009 missed a 130% return in the market because they dived out at the bottom. we don't want to be a part of the individuals who as we want to buy, we want to buy low and sell high and that might be an old cliche but it works. what a lot of individuals are trying to do, they're doing is i want to sell, get rid of the risk and jump out because the fiscal cliff seems too much to take. this is one small blip in a long-term scheme of investment strategy. five plus years we should be looking at, not just a few months time span that's caused by political agenda. our economic agenda and fiscal house says let's not make any rash decisions and do some things that we'd look back on and say i missed a lot of good return. >> all right, thank you so much, ryan m
taxes because these are tax deferred accounts. >> okay, so probably safe to say don't touch them but how can you avoid the knee-jerk reactions when you see you're losing so much money? >> we've seen it. in 2009, the sky is falling, chicken little and everything's going wrong and we can't seem to, we want to jump out of the market. those in 2009 missed a 130% return in the market because they dived out at the bottom. we don't want to be a part of the individuals who as we want to...
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president obama cut short his vacation in hawaii, just six days before the deadline for big cuts and tax hikes. >>> the war next door. they say the borders are more secure than ever. but look what hidden cameras found on one man's land on this side of the border. drug smuggling, alive and well. >>> and fashion police. as retailers report on the all-important shopping season, we report on a trend you might have missed. just what do these mannequins see in you? "nightly news" begins now. >>> from nbc news world headquarters in new york, this is "nbc nightly news" with brian williams. >> good evening, i'm natalie morales in tonight for brian. and we begin with serious winter weather that is moving east. rain, snow and wind that is snarling a lot of travel plans for those trying to make it home from holiday travels. it is the same storm system that is responsible for at least three deaths and spawned record-setting tornadoes in the south over the past 24 hours. we have it all covered, and we begin with the experts who are always out in the middle of these storms. weather channel meteorologis
president obama cut short his vacation in hawaii, just six days before the deadline for big cuts and tax hikes. >>> the war next door. they say the borders are more secure than ever. but look what hidden cameras found on one man's land on this side of the border. drug smuggling, alive and well. >>> and fashion police. as retailers report on the all-important shopping season, we report on a trend you might have missed. just what do these mannequins see in you? "nightly...
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, maybe even higher corporate taxes, lower government spending. i mean, that in and of itself is an austerity plan that we're waiting for, isn't it? >> i don't think it's necessarily austerity. the reductions in spending over time can happen over time, the way our government keeps track is over a decade. >> right. >> so we don't need to do it all today, and as far as higher taxes go, there's a group of people who will sign this pledge not to raise taxes, and, you know, more than two-thirds are millionaires who said, you know what, we'll pay more taxes because in the end analysis, the investment we would make in paying more in taxes to get the economy going will return in wealth very quickly if we get the economy back to where it should be. >> there's a very good article on cnbc.com about the possibility that congress might decide to start tax is employer-sponsored health insurance. do you think that's a possibility, and what impact would that have on you? >> everything needs to be on the table. if we're going to have a good solution that gets at o
, maybe even higher corporate taxes, lower government spending. i mean, that in and of itself is an austerity plan that we're waiting for, isn't it? >> i don't think it's necessarily austerity. the reductions in spending over time can happen over time, the way our government keeps track is over a decade. >> right. >> so we don't need to do it all today, and as far as higher taxes go, there's a group of people who will sign this pledge not to raise taxes, and, you know, more...
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lawmakers have less than a week to come to an agreement on how to avert tax increases set to go into effect in january. . >> in new york police have found a bed in the burned out home of the man who killed two firefighters monday. the victim is believed to be the gunman's 67-year-old sister. a vigil was held monday night for the firefighters. two other firefighters in the hospital. police say ex-convict william spengler armed himself with three weapons and set his house on fire to lure first responders into a trap he kill himself. police say he left a rambling three page note saying he wanted to burn down the neighborhood and kill as many people as possible. he did not give a motive >> the world'sdhfhñ longest high speed rail line is up and running in china. the first bullet train left beijing this morning. the line connects the capital city with the commercial southern hub. the rail line is designed for top speeds of over 200 miles an hour. what used to take 22 hours will now take eight. >>> coming up, another holiday begins today where you can take part in the bay area's largest k
lawmakers have less than a week to come to an agreement on how to avert tax increases set to go into effect in january. . >> in new york police have found a bed in the burned out home of the man who killed two firefighters monday. the victim is believed to be the gunman's 67-year-old sister. a vigil was held monday night for the firefighters. two other firefighters in the hospital. police say ex-convict william spengler armed himself with three weapons and set his house on fire to lure...